US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iranian Regime

In its latest move to disrupt financial networks linked to Iran, the US Treasury Department has frozen $344 million in cryptocurrency. This action is part of a broader campaign, known as 'Economic Fury', aimed at targeting the financial lifelines of the Iranian regime. Treasury Secretary Scott Bessent stated that the US will track and target all financial channels used by Tehran, including those involving cryptocurrency. The freeze of $344 million in USDT was initiated after stablecoin issuer Tether blacklisted two blockchain addresses on the Tron network, holding the aforementioned amount. According to a US official, the sanctioned wallets had significant ties to the Iranian regime, including transactions with Iranian exchanges and connections to wallets associated with the Central Bank of Iran. The Iranian central bank has been attempting to use digital assets to conceal its cross-border transactions. The US authorities have noted that Iran has been increasingly relying on cryptocurrency to circumvent restrictions, using complex transaction patterns to obscure its involvement in cross-border payments. The Treasury Department's Office of Foreign Assets Control (OFAC) is taking aggressive action against both traditional front companies and the use of digital assets. Meanwhile, the US has also sanctioned a China-based refinery, accusing it of playing a major role in Iran's oil economy. The US agency is working with blockchain analytics firms and coordinating with financial institutions, including crypto exchanges, to track illicit flows tied to sanctioned entities.